Bitcoin Nears $63K as Bulls Chew Through ‘Taker Selling’

Bitcoin is on the verge of reaching the $63,000 mark as buyers on Coinbase and Bitfinex counter “taker selling” on Binance, according to renowned crypto analyst Skew. The surge in buying pressure from these exchanges has helped offset the steady selling pressure on Binance. Additionally, the dollar index (DXY) has weakened ahead of the important U.S. April inflation data release, further supporting Bitcoin’s gains. The leading cryptocurrency saw a 2% increase to $62,800, partially recovering from its previous decline. As traditional markets continue to sell the U.S. dollar against major fiat currencies, cryptocurrencies like BTC stand to benefit. Federal Reserve Chairman Jerome Powell’s comments on monetary policy and inflation also contributed to the dollar weakening. Traders are eagerly awaiting the release of the U.S. Consumer Price Index (CPI) for April, with some anticipating that a softer-than-expected print could push BTC above $65,000.